Altech acquires software vendor

Johannesburg - Technology group Allied Technologies [JSE:ALT] (Altech) said on Monday that it has acquired software vendor Swist Technology Solutions (Swisttech) for R52m.

Altech will pay R30m upfront. The balance is payable over three years and is dependent on specific profit targets being achieved.

The acquisition follows the completion of a satisfactory due diligence of Swisttech by Altech and approval by the board of Altech.

Swisttech is an independent software vendor focusing on infrastructure and integration services, mobility services and software development and is a major billing software vendor in the South African market.

Altech said its purchase of Swisttech unlocks significant synergies with its other operations, in particular Altech ISIS, a telecoms solutions provider and systems integrator with more than 60 million subscribers.